Wells’ CEO Mobile Now Does Taxes

The $609 billion bank has now upgraded CEO Mobile, the on-the-go version of its online Commercial Electronic Office portal, to initiative and approve federal tax wires, as well as handling self-administration of dual-control items for approval. This is in addition to recent upgrades to allow for general wire transfers and check image retrieval over mobile devices, plus the ability to review ACH items for potential fraud.

Wells Fargo, which introduced CEO Mobile service to customers in April 2007, says the rapidly growing service also provides account balances, float, account activity and wire detail, the ability to initiate and approve wires, and an image positive pay service so mobile customers can view exceptions when deciding to pay or reject check exceptions.

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The increasing adoption of virtual card payments by accounts payable departments has created an unex­pected complication for suppliers: more friction in the processing, posting and reconciliation of payments and receivables. The root of the problem is that most suppliers rely on a manual approach to processing e-mailed virtual card payments. Suppliers are forced to balance their organization’s need for operational efficiency and control with rising customer demand to pay with a virtual card. But a new breed of tech­nology enables suppliers to process virtual card payments straight-through, addressing the needs of buyers and suppliers. This paper details the growth of electronic business-to-business (B2B) payments, shows how manual approaches to processing virtual card payments cause friction in accounts receivables, describes a way to process virtual card payments straight-through, and highlights the benefits of friction­less payments.